Almost 5,000 New Cryptocurrencies Emerged in 2022 Despite Major Bankruptcies in the Sector

A new study has found that there were nearly 5,000 cryptocurrencies added in 2022 despite the ‘cryptocurrency crash’.

Research compiled by Bitstacker.com revealed that on 1 January 2022 there were 16,238 cryptocurrencies, whereas on 1 November saw that the number of crypto coins had increased to 21,159.

The research of new cryptocurrencies was based on the total number of crypto coins tracked by CoinMarketCap.com on the first day of each month in 2022.

Analyzing the growth in the number of cryptocurrencies

In little more than a decade, cryptocurrencies have gone from being a niche digital asset to becoming a mainstream investment choice. Recent years have seen major brands ranging from Starbucks to Microsoft now accepting cryptocurrencies as a valid payment method.

However, 2022 has so far been a bitter year for the sector, with major cryptocurrency brands such as FTX, Celsius Network, Voyager Digital and now BlockFi having filed for bankruptcy.

Despite the turbulent 2022 for the digital asset sector, Kris Lucas, BitStacker.com analyst said:

“In little more than a decade, cryptocurrencies have gone from being a niche digital asset to becoming a mainstream investment choice. Recent years have seen major financial companies such as Visa, Mastercard, and PayPal teaming up with blockchain technology brands, while everyone from Starbucks to Microsoft now accepts cryptocurrencies as a valid payment method.”